James Piereson: The Truth About the 'One Percent'

The typical 'rich' person works for a salary. Only 18% are in the financial industry.

By

James Piereson

Updated Feb. 18, 2014 5:38 a.m. ET

'Income inequality" has emerged as the issue du jour in national politics, threatening to displace the unpopular health-care law and the slow-growing economy this election year. Speeches and columns now routinely attack the banks or "the undeserving rich" and call on Washington to do something to redistribute income from the "super rich" to the poor and middle class. Democrats from President Obama to the new mayor of New York City are leading the charge on behalf of the "99%."